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3) I think that Dan's 'right to exit' is a key piece. Sure, there are centralized apps in crypto--FTX is one! But you have the right to exit: if you don't like FTX, you can withdraw your assets to another exchange, or to your private wallet.

9:43 PM · Jan 12, 2022Twitter Web App

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3) And, in fact, everything in the crypto universe--or at least almost everything--is plugged into decentralized rails which connect all of the (sometimes centralized) pieces. It's not perfect, from a decentralization angle. But it still helps a ton.

SBF

@SBF_FTX

Jan 12

4) And those rails are not just decentralized, they're also open to competition. Don't like using blockchain X to transfer assets? Try blockchain Y! Banks have had the same ~2 ways of sending funds for decades, and can't change that. Crypto exchanges generally have ~20.

SBF

@SBF_FTX

Jan 12

5) And, similarly, if some infrastructure provider sucks--RPC nodes, for instance--people can create a new one. That doesn't, of course, mean that they *will*--and I think Moxie makes some really compelling points that we probably don't do enough of that as an industry.

SBF

@SBF_FTX

Jan 12

6) There is concentration of usage in various places, and some of those places are not really making progress. In general, I really encourage people to find pieces of crypto infrastructure that seem shitty, and build competitors to them. That's how we move forward.

7) And

's other point -- that crypto is too profit-motivated right now -- seems totally correct to me. Hopefully we can take a longer-term view of the ecosystem.

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So what if the majority doesn't care about these centralized apps? Would that mean Web3 is a failure?

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Isn't the difference though that the 'right to exit' only exists for users who self-custody? Any centralised exchange can lock your account at any time without prior warning. This simply cannot happen on a DEX using your own private wallet (eg

@BlockDXExchange

)